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1/24/2025, 11:45:22 AM

Sentencing of Cryptocurrency Exchange Operators in Kazakhstan

A court in Kazakhstan has handed down significant penalties to three individuals operating cryptocurrency exchanges without proper licensing, as reported by the Financial Monitoring Agency (AFM). The operators received jail terms ranging from 2.5 to 3.5 years for their involvement in an unlicensed platform facilitating cryptocurrency transactions for a fee.

Illegal Activities and Assets Involved

The individuals were found to have used unsecured digital assets, managed crypto wallets, and handled funds from exchanges that are banned within the country. Their illegal exchange processed over $1.28 million in transactions for 380 customers, as evidenced by bank statements presented during the trial.

Seized Assets and Consequences

As a result of the case, the court ordered the seizure of various assets owned by the operators, including real estate properties, five cars, a quad bike, and computer equipment, valued at approximately $750,000. This strict enforcement action underscores Kazakhstan's commitment to regulating cryptocurrency activities in accordance with local laws.